Despite the impact of COVID-19, the ratings agency maintains the A+ rating with a stable outlook

The Fitch agency has decided to maintain MAPFRE’s financial strength credit rating at A+, with a stable outlook, following its assessment of the potential impact of the coronavirus pandemic on the company.

The risk ratings agency explains in its note that maintaining the rating is based on its view of MAPFRE as a “solidly capitalized” company; with financial indebtedness of 23 percent at the close of 2019, Fitch “does not expect a significant increase this year.” “MAPFRE,” the agency’s note continues, “has a solid liquidity position and also has access to a syndicated credit line of 1 billion euros. We expect the group’s technical profitability to remain resilient.”

MAPFRE will advance its first quarter results on May 5.